Find the Best Reverse Mortgage Lenders in Lansing, MI

How to choose a reverse mortgage lender in Lansing

A reverse mortgage in Lansing allows senior homeowners to use the equity in their home to receive payments from a lender as long as they live in the home and continue to pay taxes and carry out basic responsibilities. The loan is generally not repaid until the homeowner dies, moves out or sells.

Current market conditions are favorable for reverse mortgages in the U.S. and within Lansing. Across the country, home equities are rising. Locally, Michigan homeowners are seeing the values of their homes go up. In Lansing, where seniors live in a variety of different neighborhoods, the housing market is rated as “slightly hot” by realtor.com. Zillow says home values in the area have increased by over 14 percent over the past year.

In Lansing, the funds from a reverse mortgage can usually be obtained in a variety of ways (monthly, lump sum, etc.) and can be used for any purpose. You might consider a reverse mortgage to supplement retirement income, to purchase another home or to help pay monthly bills, among a host of other reasons.

Most reverse mortgages in the U.S. are financed by the federal government and are known as home equity conversion mortgages (HECMs). To qualify for an HECM, a borrower must:

• Be 62 or older
• Own the property or have paid down a considerable amount
• Occupy the home as a main residence
• Not be delinquent on any federal debt
• Be able to afford timely payment of ongoing property charges such as property taxes, insurance, etc.
• Participate in a consumer information session with an approved HECM counselor

There are other types of reverse mortgages as well.

Before choosing a reverse mortgage in Lansing, make sure you can use the funds for your desired purpose. Be certain to read and understand terms and fees. And be wary of scams; as reverse mortgages have become more popular, fraud is on the rise.